The Nigerian Police and the National Insurance Commission (NAICOM) have collaborated to enforce the nation’s insurance laws, particularly those pertaining to mandatory insurance. In order to achieve this, Kayode Adeolu Egbetokun, the Inspector General of Police (IGP), received a courtesy call on Tuesday from Olusegun Ayo Omosehin, the CEO of NAICOM and commissioner for insurance.
The visit’s goal was to meet with the IGP and the Nigerian Police Force (NPF) management, two important parties who share NAICOM’s vision and are necessary to fulfil the organization’s mission, especially with regard to mandatory insurance enforcement. The commissioner of insurance made a call for cooperation during the visit in order to forward the Nigerian insurance sector plan, stressing that it is illegal for anybody to operate a vehicle without a valid motor insurance policy (3rd party). He pointed out that fewer than 25% of the cars had valid auto insurance, and he said the purpose of the visit was to ask NPF’s assistance in ensuring that the legally-mandated third-party auto insurance is enforced.
In 2023, the CFI also pointed out that the enhanced premium for third-party auto insurance cover by NAICOM included the ECOWAS Brown card, enabling covered vehicles to traverse the sub-region of West Africa. He also mentioned the rise in benefits to N3 million for the third-party insurance.
In order to forward this project, the CFI emphasised the necessity of digital platforms for verifying the legitimacy of auto insurance and urged the Lagos State government to put this system into place immediately.
The CFI claimed that if this plan was successful, it would be a major accomplishment for Nigeria and asked for the formation of a team to assist the commission in carrying out enforcement measures.